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The Managers’ investment philosophy and processes have evolved in this area over the last two decades and I would direct shareholders to read the Managers’ Statement of Core Beliefs in the Annual Report. All rights reserved. :-/. At this early stage I would also observe that no one can predict with any reasonable confidence when that will be. You can change your choices at any time by visiting Your Privacy Controls. Alternatively, they may also get in touch via either of the Corporate Brokers, Jefferies International and Numis Securities. NAV after deducting borrowings at fair value*. As always the details of the conclusions of the AGM’s business, together with films of the reports on the portfolio from the two Managers, will also subsequently be available on the website. Buyers can make use of the advantage of the low-cost opportunity of investment. As an increasing number of the best growth companies have remained private until much later in their development, it has enabled the Managers to maintain the quality and depth of their opportunity set and to invest simply in any company which met their investment philosophy and criteria. Consistent with a long term approach, there have been no significant changes to the portfolio in recent months in response to the current pandemic. Past performance is not a guide to future performance. to 30 per cent. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion. Its waiting for me to but back before it crashes. The P/E ratio of Scottish Mortgage Investment Trust plc (SMT.L) is -316.76, which means that its earnings are negative and its P/E ratio cannot be compared to companies with positive earnings. His great intellect and wit are known and appreciated by many, through his writing as well as his presence at Scottish Mortgage events.

I would remind investors that the long-run impact of currency fluctuations is further diversified by the nature of this portfolio, including as it does many global companies, listed in a wide range of countries. Start a 14-day free trial to Morningstar Premium to unlock our take on SMT What is your sentiment on Scottish Mortgage? Amar is a distinguished professor of business, and is currently professor at Tufts University, Massachusetts. There is a natural long term structural hedge in place for the largest such exposure, as the Company has both US dollar denominated assets and liabilities and changes in this exchange rate have opposing impacts on these, thereby reducing the net impact. Scottish Mortgage remains best suited to those who share its long term and patient approach. © 2020 – DirectorsTalk Interviews. View daily, weekly or monthly formats back to when SCOTTISH MORTGAGE INVESTMENT TR stock was issued. Memories of the twelve months ending 31 March 2020 will almost certainly be dominated by the start of the spread of COVID-19. %USER_NAME% was successfully added to your Block List. As a result, the Company reached a new milestone of over £10 billion in market capitalisation. Find out more about how we use your information in our Privacy Policy and Cookie Policy. He will be sorely missed and we wish him well in all future endeavours. As it is an externally managed investment trust, it has no employees or offices of its own and is therefore not facing the same responsibilities and immediate difficulties that many other companies are having to address. †      Benchmark: FTSE All-World index (in sterling terms). In such difficult times, the small income yielded by holding the shares of this Company may therefore be of greater importance for many individuals than might ordinarily be expected to be the case. The earnings per share for Scottish Mortgage over the period were 1.55p, slightly down on the previous year (1.64p in 2019). It is hoped that the Managers will be able to proceed with the various Scottish Mortgage Forums planned for later in the year. Fortunately, Scottish Mortgage does not face the same challenges. I thank everyone who has continued to work on and support this Company throughout this year and look forward to the future. I would remind shareholders that they are able to submit proxy voting forms before the applicable deadline and also to direct any questions or comments for the Board in advance of the meeting through the Company’s Managers, Baillie Gifford. As ever I encourage shareholders to participate, raising any questions they may have and exercising their votes. Now more than ever these digital resources allow shareholders to stay well informed, by hearing directly from those managing their money. Scottish Mortgage is in a robust financial position. Little has changed in this regard over the period. In other words, Scottish Mortgage Investment Trust shares trade at around 16x recent earnings. This capacity utilises the benefits of Scottish Mortgage’s closed-end structure and low-cost proposition to its shareholders’ advantage. The liquidity policy is designed for the benefit of long term shareholders. The Managers recently reminded shareholders of the fair valuation process for the unlisted assets, as part of their wider Insight piece “Staying the Course for Scottish Mortgage” available on the website. The resulting global pandemic is creating testing times for everyone and I wish to acknowledge the immediate challenges many face, far beyond the world of investment. Thanks for your comment. Source: Refinitiv / Baillie Gifford. In total, the Company issued 10.5 million shares and bought back 31.5 million, resulting in a net buyback of around £112 million, or just over 1% of the total assets of the Company at the start of the period. See disclaimer at the end of this announcement. If such events are able to take place, Board members will look to attend a number of these to provide opportunities for face to face engagement with shareholders. In long term investment, often the best course is to remain steadfast. This approach has enabled the Managers to develop mature long term relationships with those at some of the world’s most innovative companies, providing valuable insights. Optimism has returned to stocks markets and the bullish mood is seen across the Continent.

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